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Financial Information

Profit and Loss 
for the financial year ended 
31 December
2011 2012   2013 2014 2015  2016 
$'000  $'000   $'000 $'000  $'000  $'000 
Property income 77,968   156,870  174,043 184,093

170,347

161,252 
Net property income 61,654   124,660  138,294 151,436 137,465 128,370

Share of results of associates

37,393   46,844  62,134 60,745 75,695 83,460 
Share of results of joint ventures  (33) (28)  2,103 9,848 17,163 30,789 
Distributable income(1) 112,965   201,899  214,043 206,142

217,268

 208,123
Distribution per unit (cents) 7.08(3)  7.77  7.88 7.23

6.80

6.37 
Distribution yield (%)(2) 8.5  6.0  6.6 5.9  7.3 6.2
Balance Sheet 
As at 31 December
2011(4) 2012   2013 2014  2015 2016 
$'000  $'000  $'000  $'000

$’000

 $'000
Total assets 5,873,668 6,139,472  6,775,539  7,329,404  7,425,418 7,535,325
Total liabilities 2,381,422  2,673,504   2,876,568 2,869,932  2,647,570 2,636,767
Unitholders' funds 3,279,413 3,464,157   3,896,993 4,457,420

4,626,021

 4,746,717 
Total borrowings 2,495,479  2,800,544  3,030,824 3,545,300

3,340,755

3,329,450
Value of deposited properties 6,004,425 6,521,406   7,200,498 8,184,726

8,496,235

8,649,064
Financial Ratios 
As at 31 December
2011 2012  2013  2014 2015   2016
Aggregate leverage (%) 41.6 42.9 42.1 43.3 39.3 38.5

EBITDA interest coverage ratio 
(times)(5)

4.79 5.20 5.50 5.00

4.40

4.70
All-in interest rate (%) 2.53 2.02 2.15 2.23

2.54

 2.51 
Management expense
ratio (%)(6)
1.32 1.32 1.38 1.27 1.25 1.22
Per Unit Data 
As at 31 December
2011(5) 2012   2013 2014 2015   2016
Net asset value per unit ($) 1.29 1.32 1.40 1.41 1.44 1.44 
Adjusted net asset value per unit ($)
- excluding distributable income
1.26 1.30 1.38 1.40 1.42  1.43
Year-end closing price ($) 0.83 1.30 1.19 1.22 0.93  1.02

Number of units in issue at year-end ('000)

2,547,575  2,631,180 2,787,682 3,170,434 3,216,124  3,291,616
Market capitalisation
($'000(2)            
2,114,487 3,407,378  3,303,403 3,867,929 2,990,996 3,357,448 

(1) The distributable income to Unitholders is based on 100% of the income available for distribution to Unitholders.
(2) Based on closing unit price as at the last trading day for the financial year.
(3) 7.08 cents total DPU for FY2011 is based on 1.79 cents, 1.93 cents, 1.96 cents and 1.40 cents announced in 1Q2011, 2Q2011, 3Q2011 and 4Q2011 Results Announcement respectively. The actual DPU payout for FY2011 amounted to 6.17 cents as a result of the enlarged unit base as at end-2011 subsequent to the rights issue of 1,159,694,000 units completed on 13 December 2011.
(4)  On 1 January 2012, the Group adopted the Amendments to FRS 12 Deferred Tax: Recovery of Underlying Assets.
(5) EBITDA interest coverage ratio: Ratio of profit before interest expense, tax, depreciation and amortisation to interest expense.
(6)  The ratio is computed in accordance with the guidelines of Investment Management Association of Singapore. The expenses used in the computation relate to the trust expenses, excluding property expenses, amortisation expense and borrowing costs, but including performance component of the Manager's management fees.